Russia's Central Bank Files $195 Billion Lawsuit Against Euroclear

The Central Bank of Russia has filed a lawsuit worth approximately 336 trillion won ($195 billion) against Euroclear, the Belgium-based central securities depository (CSD). Euroclear holds most of the 210 billion euros ($228 billion) in Russian assets frozen within the European Union since Russia launched its "special military operation" against Ukraine in 2022.

According to Russian media outlets including TASS on Wednesday, an official at the Moscow Arbitration Court, which received the central bank's complaint, said the lawsuit against Euroclear amounts to 18.17 trillion rubles (approximately 335.9 trillion won).

The Central Bank of Russia explained that it calculated the lawsuit amount based on frozen Russian assets, the central bank's funds, and additional profits generated from the frozen assets.

The EU has been pursuing plans to use frozen Russian assets to support Ukraine. On January 3, the EU decided to utilize frozen Russian assets as "reparation loans" to raise funds for Ukraine aid, and on January 12, it agreed to freeze Russian central bank assets indefinitely.

In response, the Central Bank of Russia announced on January 12 that it would file a lawsuit, claiming the EU's plans are illegal and that it is suffering losses due to Euroclear's actions. While the Moscow Arbitration Court is expected to quickly rule in favor of the central bank, some observers predict this lawsuit will lead to prolonged legal disputes. The Central Bank of Russia has asserted its right to use all possible means to protect its interests.